Analysts at UBS have made a significant upgrade to their outlook for investment banking revenues, forecasting that five of Europe’s biggest banks will make nearly $25bn (€18bn) more than they originally expected.

The five banks, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank and Société Générale, will make a combined $111bn from their investment banking business this year, according to UBS, up from an original estimate of $86.4bn.